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Pinellas County home sales are following the national trend as reported below. Although spot areas remain low, there are many that are getting a good bounce off the bottom. But don't lose money, just over paying a couple of thousand dollars too much is better spent elsewhere.
New listings in the area are dwindling! Do not miss out on getting the lowest prices on your new home. Sales are up and listings are down, combine the two and they equal higher prices. But, you do not want to over pay. For as low as $50.00, we can help you choose the right home and save thousands.
Call us today (727)712-0555
Fla. housing market continues positive signs
Single-family prices rose 10.2%, condos 16.1%; pending sales higher. NAR: Sales up 3.4% over March; 10% over year ago. Read more.
Inventory Check:
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Lets take a look at some current Tampa Bay home sales!
As of June 12, 2012 there are 14,838 residential units for sale in Pinellas, Pasco and Hillsborough Counties. These include all types, single family, condos, etc. but does not include multi family.
Of the 14,838 there are 3,582 in some stage of foreclosure.
There is an additional 13,216 homes under contract of which 9,297 of these are in some stage of foreclosure.
Over the past 12 months distress sales account for 16,667 with a median value of $76,451 and an average of $105,048 with approximately 1500sf of living area. 23,610 Non distress sales have occurred with an average sale price of $191,858 with 1,749 sf of living area and a median of $140,000 and 1,544 sf of living area. That reflects a substantial discount for distress sales.
Absorption remains just over 4 months.
Appraisals remain a challenge as many lenders are very cautious and conservative. I’m still receiving many calls from agents to assist them in supporting contracts.
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As of May 18, 2012 there are 15,174 homes actively listed in the Tampa Bay area with an additional 13,453 under contract. Of the 15,174 homes actively listed in Pinellas, Pasco and Hillsborough Counties, 3,743 are reflected as being in some stage of foreclosure. That is a 22% drop in distress inventory over last year. In the last 12 months, there have been 16,866 distress properties sold with a median sold price is $76,000 vs 23,055 sales of non distress with a median value of $140,000. Looking at strictly single family residential as listed in MLS, $160,000 for a 1,771 square foot of living area with 3 bedrooms and two baths and sells in just under 100 days on the market within 95% of asking price. Single family home inventory stands at just over 4 months of inventory. Underwriters continue to be very tough on appraisals, asking for additional comparables like there is an endless supply. With the market increasing, homes are back to selling at the top 5% of their market value. Unfortunately the underwriters are causing many contracts to either be reduced or cancelled to only have the next buyer come along and pay more for the same home.
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As of December 14, 2011 there are 19,246 homes actively listed in the Tampa Bay area, this includes Pinellas, Pasco and Hillsborough Countues, with 7,293 (39%) under contract. Of the 19,246 homes, 9,651 are reflected as distressed in MLS. At current levels, we have almost 9 months inventory. However, this fluctuates significantly from area to area. Sales generally slow down going in to the Holidays and pick back up toward the end of the first quarter of the year.
The median sale price over the past 90 days is $140,000 with 1,721 sf.
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As of April 11, 2011 there are 15,519 homes actively listed in the Tampa Bay area with 7,083 (46%) under contract. Of the 15,519 homes, 5,057 are reflected as distressed in MLS. At current levels, we have almost 7.7 months inventory. However, this fluctuates significantly from area to area. Sales generally start to pick back up in this quarter going in to the summer. These numbers are looking much better.
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Please e-mail with any target areas of the bay area you would like to see.
paul.amirto@associatedappraisalgroup.com
For more information, see "Our Blog"
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Report: Fewer U.S. homes foreclosed upon in April
LOS ANGELES (AP) – May 17, 2012 – National foreclosure trends took a positive turn in April, as the number of homes seized by banks declined and fewer properties entered into the foreclosure process.
But state-level data point to potentially more home repossessions ahead in Florida and many of the 25 other states where courts are required to sign off on foreclosures.
All told, the number of U.S. homes taken back by lenders in April declined 7 percent from March, the third consecutive monthly decline, foreclosure listing firm RealtyTrac Inc. said Thursday. Home repossessions fell 26 percent versus April last year.
The number of homes that lenders placed on the foreclosure path last month also declined, falling 4 percent from March and 2 percent from April 2011, the firm said.
While the figures suggest foreclosure trends are improving nationally, state data tell a different story.
“You absolutely have a tale of two different types of foreclosure trends happening across the country,” said Daren Blomquist, a vice president at RealtyTrac.
The divide comes down roughly between the 26 states where courts play a role in the foreclosure process and places like California and the other 23 states where the process generally moves quicker because judges are not required to sign off on foreclosures.
Last year, foreclosure activity, as measured by the number of homes receiving foreclosure-related notices, slowed sharply as lenders grappled with allegations that they had been processing foreclosures without verifying documents.
A $25 billion settlement reached in February between the nation’s biggest mortgage lenders and state officials has since cleared the way for banks to take action on unpaid mortgages.
In California, Arizona, Nevada and many other so-called non-judicial foreclosure states, foreclosure activity has been declining because they didn’t build a huge backlog of pending foreclosure cases last year.
In contrast, the slower foreclosure process in states like Florida, New Jersey and Pennsylvania helped build a logjam of pending foreclosure cases that now has lenders playing catch-up.
As a result, foreclosure activity in all the judicial foreclosure states combined jumped 15 percent versus April last year. Taken together, non-judicial states saw foreclosure activity fall 29 percent, RealtyTrac said.
While 27 states recorded increases in the number of homes entering the foreclosure process last month, it appears the properties largely represent homes where borrowers missed payments for two or three years, and lenders are now getting around to taking action against them.
“The good news there, is we don’t see a lot of evidence that there are a lot of new people who are just not making their payments who are entering foreclosure,” Blomquist said.
The Mortgage Bankers Association reported on Wednesday that the percentage of mortgages that were one payment past due as of March 31 declined to the lowest level since mid-2007. Meanwhile, the share of home loans that were at least three months past due at the end of the first quarter fell to the lowest level since the end of 2008.
Home loans taken out at the peak of the housing boom continue to comprise the majority of problem loans. In the first quarter, some 60 percent of all mortgages past due 90 days or more, or in foreclosure, were originated between 2005 and 2007, the MBA said.
Meanwhile, banks are increasingly agreeing to short sales rather than foreclosing on homes. In a short sale, the bank agrees to accept less than what the seller owes on their mortgage.
In the first three months of this year, short sales grew while foreclosures declined. Short sales are now on pace to outnumber sales of bank-owned homes in California, Arizona and 10 other states, RealtyTrac said.
That could help slow the pace of home repossessions, which are on pace to be just over 700,000 this year. Last year, about 1 million homes ended up foreclosed-upon.
All told, foreclosure-related notices were reported on 188,780 U.S. properties last month, the lowest monthly total since July 2007, RealtyTrac said. That’s a decline of 5 percent from March and down 14 percent from April last year.
Lenders took back 51,415 homes and began the foreclosure process on 97,665 homes last month.
 Copyright © 2012 The Associated Press, Alex Veiga, AP real estate writer.
Reprinted with permission. Florida Realtors®. All rights reserved.
Paul Amirto has over twenty years of residential appraising experience. We require all of our appraisers to have a minimum of 5 years experience and each case is assigned to the most experienced appraiser to best handle your individual assignment. If you need a report to base a fair asking price, we will assign an appraiser that also has sales experience, if you are going through a divorce, we will assign to the appraiser that has court experience, etc. We guarantee you will not be disappointed!
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